Shared ownership mortgage lenders are limited because they are treated to be more risky than traditional loans. This is probably due to the fact that these schemes were originally available to help financially insecure members of society.
The third party Housing Association is also involved in the legal framework, which makes the lenders slightly wary. However, as house prices have increased, a larger section of the general public are looking at shared ownership as a means of getter on the property ladder.
If you are on income support a lender would need to consider your application very carefully. Generally speaking a lender will only lend to someone in regular employment, who would be able to meet their monthly mortgage repayments.
Quite often rent is payable to the Housing Association for the portion they own and 'rent' out to you.
The overall cost for comparison is 7.4% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Mortgage Saints Ltd is an appointed representative of Home of Choice Ltd which is authorised and regulated by the Financial Services Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage
